Morning market roundup

Larry Ribstein asks what the hell good Sarbanes-Oxley is doing, if Bear can fail like this.

Felix Salmon offers a possible reason why Bear's current share price is so much higher than JPM's offer of $2 share: the bondholders are buying shares so they can vote "yes" on the deal.

David Leonhardt explains the whole thing.

Marc Ambinder speculates on the political fallout from all of this.

The Wall Street Journal says that a showdown is brewing between Bear Stearns shareholders and JPM.

Stock futures and European markets are rethinking yesterday's gains.